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Restaurant Group secures £500m of long-term debt
StockMarketWire.com
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Wagamama owner Restaurant Group said it had £500 million of long-term debt that came with no leverage tests on their covenants until June 2022.
The debt included a £380 million term loan facility to 2026, and a £120 million super senior revolving credit facility to 2025.
The company said its net debt at the end of 2020 was around £340 million, in line with its expectations.
Restaurant Group said it had suffered about £5.5 million of cash burn per four-week period during the ongoing national UK lockdown.
It had also recorded an around £40 million working capital outflow post year-end due to an unwind of supplier creditor positions.
On current trading, the company said it currently had about 200 sites trading for delivery and takeaway across its Wagamama and leisure businesses.
The trading performance of those sites in the current 2021 financial year had been 'very encouraging', Restaurant Group said.
Average standalone delivery and takeaway sales in Wagamama and leisure were at about 2.5 times and 5.0 ties pre-Covid-19 levels, respectively, during the current national lockdown1.
'With this strong operating platform in place, the group has good capability to deliver an accelerated reopening plan for dine-in trading, once the current restrictions for hospitality businesses end, with all viable sites being reopened within two weeks,' it added.
Story provided by StockMarketWire.com
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